Oil and gas pumps market size is projected to grow $10.9B, globally at a 4.7% CAGR by 2028

As per the report from the US EIA, the US claimed the title of the largest global crude oil producer in 2022.

Oil and Gas Market size is projected to grow. From USD 8.7 billion in 2023 to USD 10.9 billion by 2028, at a CAGR of 4.7%. According to a new report by MarketsandMarkets™. The rise in infrastructural development, global economic growth, and rise in exploration of new oil fields. Accelerates the growth of the Oil and Gas Pumps Market.

Browse in-depth TOC on “Oil and Gas Pumps Market”
164 – Tables
50 – Figures
206– Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72491540

This report segments based on application into three categories: upstream, midstream, and downstream.

Anticipated to Dominate

In the oil and gas industry, the midstream sector is precede to dominate the market share throughout the forecast period. This segment is crucial for the efficient transportation and storage of hydrocarbons. Serving as the bridge between upstream exploration and downstream refining processes. Midstream activities encompass a wide range of operations. Including the transportation of crude oil, natural gas, and other petroleum products through pipelines, tankers, and trucks.

Additionally, the sector is responsible for the storage of these resources in terminals, refineries, and storage facilities, ensuring a steady supply chain from production sites to end users.

The Increasing Demand For Energy Resources

The growth of the midstream sector can be attributed to the increasing demand for energy resources worldwide, prompting companies to expand their infrastructure and invest in new technologies to enhance operational efficiency. With the rising production of oil and gas in various regions, the need for reliable midstream services has become more pronounced.

Moreover, factors such as regulatory changes, geopolitical developments, and market dynamics have also influenced the expansion of the midstream industry. As a result, companies in the oil and gas sector are focusing on strengthening their midstream capabilities to meet the growing demands of the global energy market.

Click here to read the full article
Source: yahoo!finance

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

You might also like
Explore Oil and Gas Leasing Challenges & Regulations. Navigate the Complex Landscape with Expert Insights. Learn Best Practices. Read Now!Challenges and regulations in oil and gas leasing
The number of rigs engaged in the exploration and production of oil and natural gas in the United States was 625 in the week ended Dec 1.Permian oil drilling rig count rises in 5 of prior 8 weeks
Explore the environmental impact of oil and gas leasing, from air pollution to habitat disruption. Learn about challenges, solutions, and the role of regulations in promoting sustainability.Evaluating the environmental impact of oil and gas leasing
North Dakota Mineral Resource Director, Lynn Helms said 2023 was a good year for the state's oil and gas industry.2023 a ‘good year’ for oil and gas in North Dakota
The EIA estimated that US crude oil production reached “an all-time high in December of more than 13.3 million barrels per day.Record oil and gas production makes America more secure
An effort to expand access to oil and gas production courses to other high schools in TX and NM is underway.An effort to prepare West Texas students to work in the oil and gas industry is expanding
Mr. Paul believes that without future exploration, we will continue to tap into proven reserves, causing oil prices to increase.Oil and gas politics signal market growth acccording to industry insider Jeremy A. Paul
The US oil & gas industry's recent success underscores its resilience and ability to thrive in the face of political, environmental challengesUS oil and gas companies profits skyrocket as the US becomes the energy supplier of choice
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *